Economic program implemented with determination: Şimşek

ISTANBUL

The economic program continues to be implemented with determination and the government has the necessary instruments, Finance Minister Mehmet Şimşek has said.

“We are working in close cooperation with all institutions,” said the minister, who met with board members of the Banks’ Association of Türkiye (TBB) at a fast-breaking dinner on March 21.

The recent market fluctuations are temporary and being closely monitored, Şimşek said, adding that necessary measures are being taken.

In addition to the measures already taken, the necessary precautions to be implemented if needed have also been determined, the minister added, according to a readout from the TBB.

“We have sufficient tools at our disposal. There is no hesitation regarding the implementation of the program. We are working in close coordination with our institutions,” Şimşek said.

He stressed that the government’s medium-term program has increased the resilience of the economy against shocks and strengthened it.

“Significant achievements have been made thanks to the program; all necessary measures will continue to be taken to preserve and enhance these achievements,” Şimşek said.

Last week, the Central Bank announced a raft of measures to calm markets after the Turkish Liras weakened to a record low against the U.S. dollar and euro, and the benchmark BIST 100 index plunged.

The bank decided to start conducting lira-settled foreign exchange forward selling transactions.

Also at an unscheduled Monetary Policy Committee meeting on March 20, the bank raised its overnight lending rate to 46 percent from 44 percent.

On March 21, the bank announced it would issue liquidity bills with maturities of up to 91 days.